This double top pattern on the daily chart of CAD/JPY presents a potential for a downside breakout short trade. The pattern's two tops and its neckline are marked with the yellow lines. My potential entry level is the cyan line. My potential take-profit level is marked with the green line. The stop-loss that I will use will be the high of the breakout bar (not shown).
Trade active:
Short position entered today @ 85.341 at 5:55 UTC. SL=86.384, TP=82.855.
Trade closed: stop reached:
Stop-loss reached yesterday at 16:59 UTC.
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